Name and Location
Tulu Kapi gold project, Ethiopia.

Client
Kefi Minerals (75%), with Nyota Minerals having exposure to 34% of any upside realised from the project through its shareholding in the project and in Kefi.

Project Description
A definitive feasibility study (DFS) on Tulu Kapi has confirmed a technically feasible and economically robust project.

The DFS envisages an openpit mine producing an average of 105 000 oz/y of gold at steady state, at an average grade of 1.82g/t, with gold production of 924 000 oz over the proposed project life.

The mine design consists of a single openpit, with estimated dimensions of 1 150 m (north to south) by 730 m (east to west) and a maximum depth of 300 m.

The openpit will be mined using conventional openpit mining methods – drilling and blasting of the ore and waste-rock excavation and hauling – using 90 t trucks and matched excavators.

Value
Initial capital costs are estimated at $221-million, excluding contingency, but including working capital and construction contracts.

Duration
A timeframe has not been confirmed.

Latest Developments
Kefi Minerals has announced an updated Jorc-compliant indicated and inferred mineral resource of 24.1-million ounces of gold for its Tulu Kapi project, in Ethiopia.

Following the upgrade, the project’s indicated resource is 21.2-million tons at 2.73 g/t for 1.86-million ounces of gold.

As a result of upgrading the indicated resource, the inferred category has been reduced to 2.9-million tons at 2.03 g/t for 189 000 oz of gold.

Meanwhile, the company says that surface sampling of hand-dug trenches and structural mapping at the deposit is about 50% complete.

Further, a reverse-circulation drilling programme of 20 holes is expected to start later this month. The aim of this is to infill the existing drill database when required for final confirmation of mineralisation within the expected openpit reserve.

Key Contracts and Suppliers
Senet (lead engineer); Golder Associates (environmental- and social-impact assessment and design of the tailings storage facility), Wardell Armstrong International (resource estimation and mine design/planning) and the International Finance Corporation (finance).

On Budget and on Time?
Not stated.

Contact Details for Project Information
Nyota Minerals CEO Richard Chase, tel +44 20 7400 5740 or email richard.chase@nyotaminerals.com; or contact Anthony Rowland (business development), tel +44 (0)20 7400 5740 or email anthony.rowland@nyotaminerals.com.
Senet, tel +27 11 409 1300 or fax +27 011 409 1301.
Golder Associates, tel +27 11 254 4800 or fax +27 11 315 0317.
Wardell Armstrong International, tel +44 845 111 7777.
International Finance Corporation, tel +1 202 473 3800 or fax +1 202 974 4384.